Ethereum Whales Ramp Up Accumulation, Boosting Price Expectations

Ethereum has seen a price dip below $2,500 amid geopolitical tensions, but whale accumulation is on the rise. Analysts report that whales have added 1.49 million ETH worth $38.26 million in the last month, an increase of 3.72% in their holdings. Despite a decline in price over the past month, sentiment remains bullish, pointing towards a possible price rally as retail investment may follow whale actions.

In the latest developments within the crypto market, Ethereum’s price saw a brief dip below $2,500 on Friday. This price drop comes amid rising geopolitical tensions between Israel and Iran. Currently, Ethereum is trading at around $2,567, after a minor recovery, but it’s still far from the week’s peak of $2,871.

However, in contrast to this price fluctuation, the blockchain analytics firm Santiment has released some interesting data suggesting a positive outlook for Ethereum. In a recent post, Santiment highlighted that Ethereum whales, particularly those holding between 1,000 and 100,000 ETH, are ramping up their investments significantly compared to retail traders.

In fact, according to Santiment, these whales have collectively acquired 1.49 million ETH, with a market value of approximately $38.26 million over just the past month. This accumulation has resulted in a 3.72% increase in their total holdings. Such behaviours typically signal potential bullish trends, hinting at strong long-term growth prospects for ETH. It’s possible that this increased whale activity could further attract retail investors, leading to a potential price surge.

Interestingly, despite the whale accumulation, CoinMarketCap indicates that Ethereum has experienced a decline of 2.38% over the last month. The altcoin’s price has remained within the range of $2,400 to $2,800, which reflects market indecision amidst external pressures and a lack of motivating bullish drivers.

Market sentiment for Ethereum remains cautiously optimistic. As of now, Ethereum is trading at $2,536, marking a 1.18% increase in the last day. Over the past week, it has risen by 3.82% after briefly surpassing the $2,800 mark. According to CoinCodex, the overall market sentiment towards ETH is bullish, supported by a Greed & Fear Index score of 61, which indicates a level of greed in the market.

Looking ahead, analysts at CoinCodex expect Ethereum to remain range-bound in the short term. Their predictions suggest future price points of around $2,825.11 in the next five days and $2,767 in a month. Furthermore, their long-term projections are quite optimistic, with predictions suggesting that Ethereum could hit $4,269.40 within three months.

With a current market cap of approximately $309.46 billion, Ethereum continues to solidify its position as the second-largest cryptocurrency, commanding a market dominance of 9.4%.